Leuthold Grizzly Short Fund
|
||||||||
Schedule of Investments
|
||||||||
June 30, 2023 (Unaudited)
|
||||||||
Shares
|
Fair Value
|
|||||||
SHORT-TERM INVESTMENTS - 59.76%
|
||||||||
Money Market Funds - 59.76%
|
||||||||
Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 4.985% (a)(b)
|
68,526,652
|
$
|
68,526,652
|
|||||
TOTAL SHORT-TERM INVESTMENTS (Cost $68,526,652)
|
$
|
68,526,652
|
||||||
Principal Amount
|
||||||||
UNITED STATES TREASURY OBLIGATIONS - 17.17%
|
||||||||
United States Treasury Bill
|
||||||||
5.243%, 10/17/2023 (c)(d)
|
$
|
20,000,000
|
$
|
19,693,115
|
||||
TOTAL UNITED STATES TREASURY OBLIGATIONS (Cost $19,690,400)
|
$
|
19,693,115
|
||||||
Total Investments (Cost $88,217,052) - 76.93%
|
$
|
88,219,767
|
||||||
Other Assets in Excess of Liabilities - 23.07%
|
26,449,548
|
|||||||
TOTAL NET ASSETS - 100.00%
|
$
|
114,669,315
|
Percentages are stated as a percent of net assets.
|
||||
|
||||
(a)
|
The rate quoted is the annualized seven-day effective yield as of June 30, 2023.
|
|||
(b)
|
All or a portion of the assets have been committed as collateral for open securities sold short.
|
|||
(c)
|
Rate represents the annualized effective yield to maturity from the purchase price.
|
|||
(d)
|
Zero coupon security.
|
|||
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and
Standard & Poor's Financial services LLC ("S&P"). GICS® is a service mark of MSCI, Inc. and S&P and has been licensed for use
by U.S. Bancorp Fund Services, LLC.
|
Leuthold Grizzly Short Fund
|
||||||||
Schedule of Securities Sold Short - (a)
|
||||||||
June 30, 2023 (Unaudited)
|
||||||||
Shares
|
Fair Value
|
|||||||
COMMON STOCKS - 78.48%
|
||||||||
Aerospace & Defense - 2.28%
|
||||||||
Kratos Defense & Security Solutions, Inc.
|
50,219
|
$
|
720,140
|
|||||
L3Harris Technologies, Inc.
|
5,954
|
1,165,615
|
||||||
Leonardo DRS, Inc.
|
42,164
|
731,124
|
||||||
2,616,879
|
||||||||
Air Freight & Logistics - 0.76%
|
||||||||
GXO Logistics, Inc.
|
13,808
|
867,419
|
||||||
Automobile Components - 1.57%
|
||||||||
Dorman Products, Inc.
|
7,818
|
616,293
|
||||||
Gentherm, Inc.
|
10,271
|
580,414
|
||||||
The Goodyear Tire & Rubber Co.
|
43,973
|
601,551
|
||||||
1,798,258
|
||||||||
Automobiles - 1.31%
|
||||||||
Tesla, Inc.
|
5,724
|
1,498,371
|
||||||
Banks - 1.76%
|
||||||||
First Financial Bankshares, Inc.
|
22,931
|
653,304
|
||||||
Home BancShares Inc/AR
|
31,032
|
707,530
|
||||||
Seacoast Banking Corp of Florida
|
29,964
|
662,204
|
||||||
2,023,038
|
||||||||
Beverages - 1.14%
|
||||||||
Constellation Brands, Inc. - Class 1
|
5,328
|
1,311,381
|
||||||
Broadline Retail - 2.48%
|
||||||||
Amazon.com, Inc.
|
11,333
|
1,477,370
|
||||||
Coupang, Inc. - Class A
|
78,283
|
1,362,124
|
||||||
2,839,494
|
||||||||
Building Products - 1.23%
|
||||||||
Trex Co., Inc.
|
11,942
|
782,918
|
||||||
Zurn Elkay Water Solutions Corp.
|
23,361
|
628,177
|
||||||
1,411,095
|
||||||||
Capital Markets - 7.84%
|
||||||||
Blackstone, Inc.
|
14,629
|
1,360,058
|
||||||
Blue Owl Capital, Inc. - Class A
|
52,088
|
606,825
|
||||||
Brookfield Corp. - Class A (b)
|
47,343
|
1,593,092
|
||||||
Cohen & Steers, Inc.
|
10,966
|
635,919
|
||||||
Intercontinental Exchange, Inc.
|
14,554
|
1,645,766
|
||||||
KKR & Co., Inc.
|
22,512
|
1,260,672
|
||||||
PJT Partners, Inc. - Class A
|
8,974
|
624,950
|
||||||
The Charles Schwab Corp.
|
22,293
|
1,263,567
|
||||||
8,990,849
|
||||||||
Chemicals - 4.39%
|
||||||||
Albemarle Corp.
|
5,873
|
1,310,208
|
||||||
Avient Corp.
|
15,079
|
616,731
|
||||||
Diversey Holdings, Ltd.
|
86,809
|
728,327
|
||||||
Ecolab, Inc.
|
5,621
|
1,049,384
|
||||||
International Flavors & Fragrances, Inc.
|
8,991
|
715,594
|
||||||
Stepan Co.
|
6,453
|
616,649
|
||||||
5,036,893
|
||||||||
Commercial Services & Supplies - 0.55%
|
||||||||
Driven Brands Holdings, Inc.
|
23,425
|
633,881
|
||||||
Consumer Staples Distribution - 1.06%
|
||||||||
Sysco Corp.
|
16,387
|
1,215,915
|
||||||
Containers & Packaging - 1.89%
|
||||||||
Ball Corp.
|
25,738
|
1,498,209
|
||||||
Crown Holdings, Inc.
|
7,647
|
664,295
|
||||||
2,162,504
|
||||||||
Diversified Consumer Services - 0.99%
|
||||||||
Coursera, Inc.
|
30,837
|
401,498
|
||||||
Mister Car Wash, Inc.
|
76,107
|
734,432
|
||||||
1,135,930
|
||||||||
Electrical Equipment - 0.94%
|
||||||||
Ballard Power Systems, Inc. (b)
|
109,900
|
479,164
|
||||||
Vicor Corp.
|
11,186
|
604,044
|
||||||
1,083,208
|
||||||||
Electronic Equipment, Instruments & Components - 1.70%
|
||||||||
Coherent Corp.
|
11,310
|
576,584
|
||||||
Zebra Technologies Corp.
|
4,645
|
1,374,130
|
||||||
1,950,714
|
||||||||
Energy Equipment & Services - 0.54%
|
||||||||
Helmerich & Payne, Inc.
|
17,333
|
614,455
|
||||||
Entertainment - 1.35%
|
||||||||
Take-Two Interactive Software, Inc.
|
10,489
|
1,543,561
|
||||||
Financial Services - 0.53%
|
||||||||
Jack Henry & Associates, Inc.
|
3,648
|
610,420
|
||||||
Food Products - 1.78%
|
||||||||
J & J Snack Foods Corp.
|
4,610
|
730,040
|
||||||
McCormick & Co., Inc.
|
15,002
|
1,308,624
|
||||||
2,038,664
|
||||||||
Health Care Equipment & Supplies - 3.13%
|
||||||||
Neogen Corp.
|
27,840
|
605,520
|
||||||
ResMed, Inc.
|
7,360
|
1,608,160
|
||||||
STERIS PLC - ADR
|
6,103
|
1,373,053
|
||||||
3,586,733
|
||||||||
Health Care Providers & Services - 1.25%
|
||||||||
Guardant Health, Inc.
|
16,200
|
579,960
|
||||||
R1 RCM, Inc.
|
46,350
|
855,158
|
||||||
1,435,118
|
||||||||
Health Care Technology - 1.01%
|
||||||||
Veeva Systems, Inc. - Class A
|
5,856
|
1,157,907
|
||||||
Hotels, Restaurants & Leisure - 1.46%
|
||||||||
Caesars Entertainment, Inc.
|
16,449
|
838,405
|
||||||
Norwegian Cruise Line Holdings, Ltd.
|
38,628
|
840,932
|
||||||
1,679,337
|
||||||||
Household Durables - 1.17%
|
||||||||
Newell Brands, Inc.
|
73,202
|
636,857
|
||||||
Sonos, Inc.
|
42,876
|
700,165
|
||||||
1,337,022
|
||||||||
Household Products - 0.57%
|
||||||||
WD-40 Co.
|
3,473
|
655,181
|
||||||
Insurance - 1.54%
|
||||||||
Cincinnati Financial Corp.
|
12,243
|
1,191,489
|
||||||
Palomar Holdings, Inc.
|
9,993
|
579,993
|
||||||
1,771,482
|
||||||||
IT Services - 0.53%
|
||||||||
Globant SA
|
3,400
|
611,048
|
||||||
Leisure Products - 1.69%
|
||||||||
Hasbro, Inc.
|
10,696
|
692,780
|
||||||
Mattel, Inc.
|
33,678
|
658,068
|
||||||
Topgolf Callaway Brands Corp.
|
29,384
|
583,272
|
||||||
1,934,120
|
||||||||
Life Sciences Tools & Services - 1.06%
|
||||||||
Bio-Techne Corp.
|
7,481
|
610,674
|
||||||
Illumina, Inc.
|
3,198
|
599,593
|
||||||
1,210,267
|
||||||||
Machinery - 1.20%
|
||||||||
Kornit Digital, Ltd. (b)
|
20,976
|
616,065
|
||||||
Stanley Black & Decker, Inc.
|
8,107
|
759,707
|
||||||
1,375,772
|
||||||||
Metals & Mining - 1.49%
|
||||||||
Alcoa Corp.
|
13,544
|
459,548
|
||||||
Compass Minerals International, Inc.
|
17,792
|
604,928
|
||||||
Royal Gold, Inc.
|
5,649
|
648,392
|
||||||
1,712,868
|
||||||||
Multi-Utilities - 2.03%
|
||||||||
CMS Energy Corp.
|
20,012
|
1,175,705
|
||||||
Dominion Energy, Inc.
|
22,253
|
1,152,483
|
||||||
2,328,188
|
||||||||
Oil, Gas & Consumable Fuels - 2.33%
|
||||||||
Cameco Corp. (b)
|
28,115
|
880,843
|
||||||
Cenovus Energy, Inc. (b)
|
72,720
|
1,234,786
|
||||||
New Fortress Energy, Inc.
|
20,609
|
551,909
|
||||||
2,667,538
|
||||||||
Passenger Airlines - 2.53%
|
||||||||
Alaska Air Group, Inc.
|
15,054
|
800,572
|
||||||
Allegiant Travel Co.
|
6,413
|
809,834
|
||||||
Southwest Airlines Co.
|
35,763
|
1,294,978
|
||||||
2,905,384
|
||||||||
Personal Care Products - 0.88%
|
||||||||
The Estee Lauder Companies, Inc. - Class A
|
5,133
|
1,008,019
|
||||||
Professional Services - 4.45%
|
||||||||
Broadridge Financial Solutions, Inc.
|
8,331
|
1,379,863
|
||||||
Dun & Bradstreet Holdings, Inc.
|
53,391
|
617,734
|
||||||
Equifax, Inc.
|
5,104
|
1,200,971
|
||||||
Planet Labs PBC - Class A
|
141,162
|
454,542
|
||||||
TransUnion
|
18,464
|
1,446,285
|
||||||
5,099,395
|
||||||||
Real Estate Investment Trusts (REITs) - 2.68%
|
||||||||
Rayonier, Inc.
|
19,297
|
605,926
|
||||||
Rexford Industrial Realty, Inc.
|
10,047
|
524,654
|
||||||
Safehold, Inc.
|
19,107
|
453,409
|
||||||
Welltower, Inc.
|
18,349
|
1,484,251
|
||||||
3,068,240
|
||||||||
Real Estate Management & Development - 0.70%
|
||||||||
DigitalBridge Group, Inc. - Class A
|
54,502
|
801,724
|
||||||
Semiconductors & Semiconductor Equipment - 2.85%
|
||||||||
Advanced Micro Devices, Inc.
|
10,082
|
1,148,441
|
||||||
Entegris, Inc.
|
7,722
|
855,752
|
||||||
Monolithic Power Systems, Inc.
|
2,334
|
1,260,897
|
||||||
3,265,090
|
||||||||
Software - 4.62%
|
||||||||
Atlassian Corp. - Class A
|
7,337
|
1,231,222
|
||||||
Crowdstrike Holdings, Inc. - Class A
|
10,375
|
1,523,776
|
||||||
Datadog, Inc. - Class A
|
7,808
|
768,151
|
||||||
Guidewire Software, Inc.
|
5,334
|
405,811
|
||||||
Zscaler, Inc.
|
9,330
|
1,364,979
|
||||||
5,293,939
|
||||||||
Specialty Retail - 1.04%
|
||||||||
Boot Barn Holdings, Inc.
|
7,386
|
625,520
|
||||||
National Vision Holdings, Inc.
|
23,448
|
569,552
|
||||||
1,195,072
|
||||||||
Technology Hardware, Storage & Peripherals - 0.53%
|
||||||||
Western Digital Corp.
|
16,156
|
612,797
|
||||||
Textiles, Apparel & Luxury Goods - 0.51%
|
||||||||
Wolverine World Wide, Inc.
|
40,034
|
588,099
|
||||||
Water Utilities - 1.14%
|
||||||||
American Water Works Co., Inc.
|
9,129
|
1,303,165
|
||||||
TOTAL COMMON STOCKS (Proceeds $89,181,568)
|
$
|
89,986,434
|
||||||
INVESTMENT COMPANIES - 22.19%
|
||||||||
Exchange Traded Funds - 22.19%
|
||||||||
Consumer Staples Select Sector SPDR Fund
|
62,781
|
$
|
4,656,467
|
|||||
Financial Select Sector SPDR Fund
|
113,075
|
3,811,758
|
||||||
Invesco QQQ Trust Series 1
|
13,791
|
5,094,671
|
||||||
iShares Expanded Tech-Software Sector ETF
|
6,694
|
2,315,522
|
||||||
Real Estate Select Sector SPDR Fund
|
100,025
|
3,769,942
|
||||||
SPDR S&P 500 ETF Trust
|
4,828
|
2,140,156
|
||||||
Utilities Select Sector SPDR Fund
|
55,961
|
3,662,088
|
||||||
TOTAL INVESTMENT COMPANIES (Proceeds $25,071,954)
|
$
|
25,450,604
|
||||||
TOTAL SECURITIES SOLD SHORT
|
||||||||
(Proceeds $114,253,521) - 100.67%
|
$
|
115,437,038
|
Percentages are stated as a percent of net assets.
|
||||
(a)
|
Non-income producing security.
|
|||
(b)
|
Foreign issued security.
|
Leuthold Grizzly Short Fund
|
|||||||
Summary of Fair Value Exposure at June 30, 2023 (Unaudited)
|
|||||||
The Funds have adopted fair valuation accounting standards which establish a definition of fair value and set out a hierarchy for
measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion of changes in valuation techniques and related inputs
during the period. These inputs are summarized in the following three levels:
|
|||||||
Level 1 - Quoted prices in active markets for identical securities.
|
|||||||
Level 2 - Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds,
credit risk, etc.).
|
|||||||
Level 3 - Significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).
|
|||||||
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those
securities.
|
|||||||
The following is a summary of the inputs used to value the Fund's net assets as of June 30, 2023:
|
Investments at Fair Value
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Money Market Funds
|
$
|
68,526,652
|
$
|
–
|
$
|
–
|
$
|
68,526,652
|
||||||||
US Treasury Bill
|
–
|
19,693,115
|
–
|
$
|
19,693,115
|
|||||||||||
Total Investments in Securities
|
$
|
68,526,652
|
$
|
19,693,115
|
$
|
–
|
$
|
88,219,767
|
||||||||
Securities Sold Short at Fair Value
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Common Stocks
|
$
|
89,986,434
|
$
|
–
|
$
|
–
|
$
|
89,986,434
|
||||||||
Exchange Traded Funds
|
25,450,604
|
–
|
–
|
25,450,604
|
||||||||||||
Total Securities Sold Short
|
$
|
115,437,038
|
$
|
–
|
$
|
–
|
$
|
115,437,038
|
||||||||
|